Shivalik Small Finance Bank Secures Rs 100 Crore Investment to Revolutionize Digital-First Banking

Shivalik Small Finance Bank (SSFB) raised Rs 100 crore in equity from diverse investors, led by SMBC Asia Rising Fund. This investment will bolster its digital infrastructure, focusing on MSME and retail in semi-urban and rural India. SSFB emphasizes a digital-first approach, ensuring financial inclusion and scalable solutions.

Shivalik Small Finance Bank (SSFB) has announced a substantial capital infusion of Rs 100 crore, spearheaded by SMBC Asia Rising Fund, marking a pivotal milestone in its evolution towards a digital-first banking model. This financial boost aims to enhance the bank's technology framework, fortify its workforce, and streamline services for India's underserved MSME and retail sectors.

In addition to new investment, existing stakeholders including Accel, Quona Capital, Lightspeed, and Sorin Investments reaffirmed their confidence by joining this funding round. Under the leadership of Anshul Swami, SSFB's MD & CEO, the bank is committed to pioneering banking-as-a-service solutions that cater to small businesses and emerging consumer demographics across semi-urban and rural locales.

Having transitioned from Shivalik Mercantile Co-operative Bank to a small finance bank in 2021, Shivalik continues to innovate its digital banking capabilities with systems built on Infosys Finacle's Core and Digital Banking Suite. As of FY 2024, SSFB manages a robust portfolio of over Rs 6,000 crore, serving more than 9 lakh customers through an extensive network of branches and business correspondents nationwide.

(With inputs from agencies.)